RES 10-44 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF . ELK RIVER, MINNESOTA, AS FOLLOWS: 1. For the purpose of financing the Project, as well as the establishment of a reserve to secure the Bonds and the payment of all other expenditures of the Issuer incident to and necessary or convenient to carry out the purposes of the Project, there is hereby authorized the issuance, sale and delivery of the Bonds in the original aggregate principal amount not to exceed $4,000,000, and the Note in the original principal amount not to exceed $3,000,000. The Bonds shall be in such principal amounts, shall be numbered, shall be dated, shall mature within thirty- five years of the date of issuance thereof, shall be subject to redemption prior to maturity, and shall be in such form and have such other details and provisions as are prescribed in the Indenture of Trust (the "Indenture"), between the Issuer and U.S. Bank National Association, as trustee (the "Trustee"), substantially in the form now on file with the Issuer. The Bonds shall bear interest at the rates established by the marketing of the Bonds, provided that the average weighted interest rate on the Bonds shall not exceed 7.00% per annum. Notwithstanding the preceding, the Mayor may establish or change the maturity dates for the Bonds, the. principal amount of the Bonds maturing on any date of maturity, the principal amounts of the Bonds subject to redemption, and the dates of redemption of the Bonds. The form of the Bonds included in the Indenture is approved, subject to such changes not inconsistent with this resolution and applicable law, and subject to such changes that are approved by the Mayor. The issuance and delivery of the Bonds shall be conclusive evidence that the Mayor has approved all provisions of the Bonds as issued and any changes to the form of the Bonds on file with the Issuer on the date hereof. 2. The Note shall be in substantially the form submitted to the Council on the date • hereof, and shall mature at the times and amounts, be subject to redemption, and provide interest at the rate(s) as therein specified as such may be modified by agreement of the Subordinate Lender, the Borrower and the Issuer. The Note shall mature within 40 years of the date of issuance, and carry an initial interest rate not to exceed 5.00% per annum. 3. The Bonds and Note shall be special obligations of the Issuer payable solely from the revenues pledged thereto. The Issuer hereby authorizes and directs the Mayor and the City Administrator of the Issuer to execute and deliver the Indenture, and hereby authorizes and directs the execution and delivery of the Bonds in accordance with the Indenture. The Issuer hereby authorizes and directs the Mayor and the City Administrator to execute and deliver the Note to the Subordinate Lender. 4. The Trustee is hereby appointed the custodian of the funds and accounts created under the Indenture and the paying agent and bond registrar with respect to the Bonds. All the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery of the Indenture. The Indenture shall be substantially in the form now on file with the Issuer, with such necessary and appropriate variations, omissions, and insertions as do not materially change the substance thereof, or as the Mayor, in the Mayor's discretion, shall determine, and the execution thereof by the Mayor shall be conclusive evidence of such determination. . 2